Is compulsory acquisition of non-agricultural land exempted under capital gain?
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Capital gain exemption
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As I understand, it is taxable as per provisions of sec 45(5).
not taxable.
reference: circular No. 36/2016 dated 25/10/2016
reference: circular No. 36/2016 dated 25/10/2016
but new circular has been issued (36/2016) on 25th ocober, 2016 under the RFCTLARR Act 2013, showing that it is an exempted income.
by Government of India ministry of finance, Department of revenue central board of direct taxes
IT is exempt under new act 36/2016 circular
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